Say you bought a house for $195,000 with 10% down, and financed it from a bank for a 30-year term at 5.00% interest per year compounded monthly. If you can make a monthly payment of $750 only, what balloon amount should the bank be ready to have at the end of the 30-year period?

1. $129,467
2. $136,987
3. $148,987
4. $159,895

Answer rating: 100% (QA)

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